In 1921, Hallstead Jewelers opened its doors wide to the largest city in the tri-state region that made the business one of the most successful jewelers in the United States. Hallstead is famous for its impeccable taste and style that have featured distinctive designs, materials, and craftsmanship with the highest standards. The company provides customers with extensive collections of products that are presumed to be the best which consist of jewelry, gems, timepiece watches, china and flatware along with artistic gifts. As a matter of fact, Hallstead displays these luxury goods in their four sales departments.
On the other hand, the company faced some financial difficulties due to competitors developing shopping centers in suburban locations …show more content…
Thus, the sisters did not have enough time to incorporate a possible "threat" such as the start-up internet jewelry store the Blue Nile on the company's SWOT analysis. Competitors Tiffany & Co. and the Blue Nile were increasing their revenue through global expansion because they understood the changing retail jewelry market.
As a consequence, Hallstead was growing their fixed costs by doubling their rent payments, and revenue continued to fall. Gretchen and Michaela reviewed their preliminary income statement and knew something needed to be accomplished to save the company. They wanted to conduct an analysis to identify operating issues as well as determine how to improve revenue and business profitability.
According to Exhibit 1 Hallstead Jewelers income statements for 2003, 2004 and 2006, it provides a detailed account of the company's desire to explore ideas and implement strategies that would return the business to profitability. Also, the sisters put together some questions that they want examine by using additional operating statistics on Exhibit 2.
As a final point, Group 2 will address the sisters concerns by providing assessment feedback for the
On the other hand, the company faced some financial difficulties due to competitors developing shopping centers in suburban locations …show more content…
Thus, the sisters did not have enough time to incorporate a possible "threat" such as the start-up internet jewelry store the Blue Nile on the company's SWOT analysis. Competitors Tiffany & Co. and the Blue Nile were increasing their revenue through global expansion because they understood the changing retail jewelry market.
As a consequence, Hallstead was growing their fixed costs by doubling their rent payments, and revenue continued to fall. Gretchen and Michaela reviewed their preliminary income statement and knew something needed to be accomplished to save the company. They wanted to conduct an analysis to identify operating issues as well as determine how to improve revenue and business profitability.
According to Exhibit 1 Hallstead Jewelers income statements for 2003, 2004 and 2006, it provides a detailed account of the company's desire to explore ideas and implement strategies that would return the business to profitability. Also, the sisters put together some questions that they want examine by using additional operating statistics on Exhibit 2.
As a final point, Group 2 will address the sisters concerns by providing assessment feedback for the